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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes

Schedule of composition of income tax expense (benefit)

(in thousands)		2013			2012			2011
Current:
Federal		$	584		$	651		$	374
State		71			156			(214		)
Total current		655			807			160
Deferred:
Federal		1,485			(197		)	386
State		282			(64		)	45
Total deferred		1,767			(261		)	431
Total income tax expense		$	2,422		$	546		$	591

Schedule of the applicable income tax (benefit) expense for financial reporting purposes differs from the amount computed by applying the statutory Federal income tax rate

		2013					2012					2011
(in thousands)		Amount			%		Amount			%		Amount			%
Income before provision for income tax expense		$	7,396				$	3,368				$	3,448
Tax at statutory Federal income tax rate		$	2,515		34.00	%	$	1,145		34.00	%	$	1,172		34.00	%
Tax-exempt income		(353		)	(11.27	)	(380		)	(11.27	)	(404		)	(11.72	)
State income tax, net of Federal tax benefit		233			3.15		61			1.81		(111		)	(3.23	)
Release of prior year over accrual		0			0.00		(371		)	(11.01	)	0			0.00
Other, net		27			6.87		91			2.70		(66		)	(1.91	)
Provision for income tax expense		$	2,422		32.75	%	$	546		16.23	%	$	591		17.14	%

Schedule of components of deferred tax assets and deferred tax liabilities

(in thousands)		2013			2012
Deferred tax assets:
Allowance for loan losses		$	5,213		$	5,640
Impairment of other real estate owned		1,771			2,774
Goodwill		2,134			2,483
Available-for-sale securities		914			0
Deferred taxes on pension		0			997
Nonaccrual loan interest		1,015			940
Core deposit intangible		822			904
Pension		896			450
Deferred compensation		44			36
Other		322			449
Total deferred tax assets		$	13,131		$	14,673
Deferred tax liabilities:
Available-for-sale securities		$	0		$	2,088
Premises and equipment		988			958
Mortgage servicing rights		1,114			908
Deferred taxes on pension		328			0
Assets held for sale		112			110
FHLB stock dividend		100			100
Other		72			1
Total deferred tax liabilities		2,714			4,165
Net deferred tax asset		$	10,417		$	10,508

Schedule of reconciliation of the beginning and ending amount of the unrecognized tax benefits

		2013			2012			2011
Unrecognized tax benefits as of January 1,		$	0		$	0		$	340,351
Gross amounts of the increases and decreases in unrecognized tax benefits as a result of tax positions taken during prior years		0			0			0
Gross amounts of the increases and decreases in unrecognized tax benefits as a result of tax positions taken during year		0			0			0
The amount of decreases in unrecognized tax benefits relating to settlements with taxing authorities		0			0			0
Reductions to unrecognized benefits as a result of a lapse of the applicable statute of limitations		0			0			(340,351		)
Unrecognized tax benefits as of December 31,		$	0		$	0		$	0

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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